Report of the Independent Auditor on the Summary Financial Statements

To the Council of the College of Audiologists and Speech Language Pathologists of Ontario

The accompanying summary financial statements, which comprise the summary statement of financial position as at September 30, 2016 and the summary statement of operations for the year then ended, and related note, are derived from the audited financial statements of the College of Audiologists and Speech Language Pathologists of Ontario for the year ended September 30, 2016. We expressed an unmodified audit opinion on those financial statements in our report dated December 9, 2016.

The summary financial statements do not contain all the disclosures required by Canadian accounting standards for not for profit organizations. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the College of Audiologists and Speech Language Pathologists of Ontario.

Management's Responsibility for the Summary Financial Statements

Management is responsible for the preparation of a summary of the audited financial statements on the basis described in the note to the summary financial statements.

Auditor's Responsibility

Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810, "Engagements to Report on Summary Financial Statements".

Opinion

In our opinion, the summary financial statements derived from the audited financial statements of the College of Audiologists and Speech Language Pathologists of Ontario for the year ended September 30, 2016 are a fair summary of those financial statements, on the basis described in the note to the summary financial statements.

Chartered Professional Accountants
Licensed Public Accountants

Toronto, Ontario - December 9, 2016

FINANCIALS - AUDITOR'S REPORT

SUMMARY FINANCIAL STATEMENTS

SUMMARY STATEMENT OF FINANCIAL POSITION

September 30

2016

2015

ASSETS

$

$

Current assets

Cash

2,477,521

2,708,812

Investments

601,826

298,812

Prepaid expenses

24,874

25,572

3,104,221

3,033,196

Investments

1,118,355

1,223,372

Capital assets

157,356

183,380

1,275,711

1,406,752

4,379,932

4,439,948

LIABILITIES

$

$

Current liabilities

Accounts payable and accrued liabilities

510,194

429,038

Deferred membership fees

2,120,792

2,358,104

2,630,986

2,787,142

Deferred lease inducement

110,876

126,169

Deferred funding related to capital assets

7,875

14,317

118,751

140,486

2,749,737

2,927,628

NET ASSETS

$

$

Invested in capital assets

149,481

169,063

Internally restricted for investigations and hearings

300,000

300,000

Internally restricted for quality assurance

200,000

200,000

Internally restricted for patient relations and public awareness

150,000

150,000

Unrestricted

830,714

693,257

1,630,195

1,512,320

4,379,932

4,439,948

Year ended September 30

2016

2015

Revenues

$

$

Membership fees

2,770,240

2,657,554

Investment income

43,777

53,436

Government grant – capital assets funding

6,442

37,096

2,820,459

2,748,086

Expenses

$

$

Salaries and benefits

1,360,839

1,336,314

Professional fees and consultants

207,298

130,966

Council and committees

145,505

174,971

Investigations and hearings

364,237

427,715

Premises

196,638

190,891

Public awareness

78,773

3,246

Membership communication

22,935

30,296

Office and general

227,739

254,693

Quality assurance

62,751

49,383

Amortization – capital assets

29,427

24,951

Amortization – funded capital assets

6,442

5,096

2,702,584

2,628,522

Excess of revenues over expenses for year

117,875

119,564

SUMMARY STATEMENT OF OPERATIONS

September 30, 2016

1. Basis of presentation

These summary financial statements have been prepared from the audited financial statements of the College of Audiologists and Speech Language Pathologists of Ontario (the "College") for the year ended September 30, 2016, on a basis that is consistent, in all material respects, with the audited financial statements of the College except that the information presented in respect of changes in net assets and cash flows has not been presented and information disclosed in the notes to the financial statements has been reduced.

Complete audited financial statements are available to members upon request from the College.

Management determined that the statement of changes in net assets and the statement of cash flows do not provide additional useful information, and as such has not included them as part of the summary financial statements.

For a complete set of audited financial statements, contact Ruth Cimerman at rcimerman@caslpo.com or 1-800-993-9459